At a meeting held at the David Livingstone Hotel in Livingstone, the Council of Minister's approved the short-listing of a Consortium of General Electric of USA and Power Corporation of China, Salini Impregilo of Italy and a joint venture comprising Three Gorges Corporation namely China International and Water Electric Corporation, and China Gezhouba Group Company Limited.
In a joint communiqué delivered at the end of the meeting yesterday and read by Council of Minister's Chairman Mathew Nkhuwa, the Minister's have stated that the project will be schemed on a Build-Operate-Transfer financing model and will not put any fiscal strain on the Governments of Zambia and Zimbabwe as no sovereign guarantees will be required.
The ministers have also stated that three preparatory studies which include, engineering feasibility study, environmental and social impact assessment, and legal and financial transaction advisory services, will be completed by end of the first quarter of 2019.
They have also agreed that the request for proposals will be launched by April, 2019, while the final developer for the gorge will be appointed by September, 2019.
The ministers took the opportunity to reiterate their commitment to strengthening cooperation between the two neighbouring countries.
The other members of the Zambian delegation were Attorney-General Likando Kalaluka, Ministry of Finance Permanent Secretary for Economic Management and Finance Mukuli Chikuba and Ministry of Energy Permanent Secretary Brigadier General Emelda Chola.
This is according to a statement issued to the Media by Ministry of Finance spokesperson Chileshe Kandeta.
The members of the Zambezi River Authority Council of Ministers are Matthews Nkhuwa, Zambia's Minister of Energy, Dr Joram Gumbo, the Minister of Energy and Power Development, Zimbabwe, Margaret Mwanakatwe Minister of Finance Zambia and Professor Mthuli Ncube the Minister of Finance and Economic Development of Zimbabwe.